“Markets always worry about growth numbers in China and look for the demand for metals and goods. And if we don’t get growth from China, where is it going to come from?” said Joe Neighbour, trader and research analyst at Central Markets.

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Facebook rallied aggressively Wednesday afternoon, jumping more than 6%. Is Facebook seeing the bottom of its troubles? Photo: Reuters.

He said that markets are still seeing profit-taking after a quantitative-easing-inspired rally last week, when the U.S. Federal Reserve announced it would launch another round of stimulus measures.

“The QE effect is waning and risk is coming off. [Fed Chairman Ben] Bernanke may have exhausted all his options for easing and can’t do much more,” Neighbour said. “We need to see a reasonable correction and none of us wants to be adding long positions. The upside potential is fairly limited at the moment.”

Resource firms add pressure

Pointing in the other direction, resources firms added the most pressure, after HSBC’s “flash” purchasing managers’ index showed manufacturing activity in China contracted for an 11th month in September, although at a slower pace than it did in August. See: China manufacturing index ticks higher, HSBC says

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